Solid Biomass Feedstock Market worth $36.2 Billion by 2029

The global Solid Biomass Feedstock Market is expected to reach USD 36.2 billion by 2029 from USD 26.6 billion in 2024 at a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets™. Solid biomass feedstock refers to organic materials which are in solid state sourced from different sources such as agriculture, forestry, and organic waste, which can be utilized for energy production via combustion, gasification, or other conversion methods. These resources, are renewable and easily accessible, rendering them crucial for generating heat, electricity, and biofuels. Solid biomass feedstock serves as a cornerstone in the shift toward sustainable energy systems, providing a carbon-neutral substitute for fossil fuels and mitigating greenhouse gas emissions.

Moreover, Solid biomass feedstock can play a vital role in mitigating carbon emission.

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Briquettes is the second fastest growing segment during the forecast period.

Based on type, the Solid Biomass Feedstock Market has been split into chips, pellets, briquettes, and others. Briquettes are the second fastest growing segment during the forecasted period, derived from organic materials like agricultural and wood waste, offer a cleaner alternative to traditional fossil fuels in heating and other applications. Hence, it is expected to hold the second largest share in the type segment of Solid Biomass Feedstock Market.

The biofuels is expected to be the second fastest growing segment during the forecast period.

This report segments the Solid Biomass Feedstock Market based on application into four segments: electricity, heat, biofuel, and biomethane. The biofuel is expected to be the second fastest growing segment during the forecast period. Government policies and incentive schemes drives the growth of biofuels. For example, India's Ministry of Petroleum and Natural Gas released its "National Policy on Biofuels," which was subsequently amended in June 2022. The primary goal of the policy is to decrease the reliance on imported petroleum products by promoting the domestic production of biofuels.

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Europe is expected to be the second largest region in the Solid Biomass Feedstock Industry.

Europe is expected to be the second largest Solid Biomass Feedstock Market during the forecast period. The Solid Biomass Feedstock Market in Europe is primarily fueled by significant supportive policies and ambitious climate goals. For example, The UK has launched a Biomass Feedstock Innovation Programme that supports innovation in the production of sustainable domestic biomass. New biofuel plants are required to achieve at least a 65% reduction in direct greenhouse gas (GHG) emissions compared to fossil fuel alternatives. Similarly, biomass-based heat and power plants must achieve a minimum of 70% fewer GHG emissions (80% by 2026) than fossil fuel alternatives, with specific efficiency and technology criteria outlined for large-scale plants. These criteria complement existing EU climate and environmental legislation.

Key Players

Some of the major players in the Solid Biomass Feedstock Companies are Stora Enso (Finland), Drax Group plc (UK), Segezha Group (UK), Enviva Inc. (US), and Lignetics, Inc. (US). The major strategies adopted by these players include new product launches, contracts, agreements, partnerships, and expansions.

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This release was published on openPR.